Ferrari has announced its first-quarter financial results for 2023, along with re-opened order books for the Purosangue, which was previously said to be sold out.
The basic theme to take away from the financial results are that things are looking peachy over in Maranello, with core earnings increasing by 27% compared to the previous quarter. Benedetto Vigna, CEO of Ferrari, described this quarter's performance as "exceptional" and remarked that net profits are up to €297 million.
The supercar maker announced reopening the order books for the Purosangue, the brand's first four-door production car. Revealed last year, the high-riding Ferrari has caught the attention of numerous wealthy buyers, with strong demand for the super SUV. Even with a monstrous starting price of $400,000, customers are facing lengthy two-year delays. As a result, the automaker initially stopped taking orders.
"We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand," said Vigna.
Despite the strong demand, Ferrari is committed to protecting its brand identity and wants to limit sales to less than 20% of the brand's total shipments. This will be done to keep the vehicle exclusive and desirable.
Ferrari says this strong quarterly performance was driven by the 296 GTB, 812 Competizione, and the Portofino M. While deliveries decreased by 12% in the EMEA (Europe, the Middle East, and Africa) regions, deliveries in the Americas increased by a whopping 46.2%. Strong growth in China, Hong Kong, and Taiwan was also recorded, with a 38.9% surge in these markets. Elsewhere, in the APAC (Asia Pacific) region, sales increased by 19.5%.
A total of 3,567 Ferraris were delivered in the first quarter, which represents a growth of 9.7%.
The Prancing Horse has plans to reveal 11 vehicles between 2023 and 2026, and Ferrari has promised four new models will arrive in 2023. The Roma Spider was revealed back in March as a replacement for the Portofino M, and the SF90 Versione Speciale is expected imminently.
Ferrari is anticipating a strong second quarter, with company CFO Antonio Picca Piccon telling analysts that the automaker was implementing mid-single-digit price hikes on certain models, reports Reuters. Interestingly, the second half of 2023 is expected to be "softer" than the first half.
With strong financials, an even stronger brand image, and a lineup of desirable cars, Ferrari will only grow from strength to strength. And with electric supercars on the horizon, the brand is only set to get even better.
